Archive by category Business

SEOUL, May 21 (Korea Bizwire) — POSCO Co., South Korea’s largest steelmaker, said Tuesday it will invest 1 trillion won (US$838 million) to foster startups in the country. POSCO said it will create an industrial complex for startups, as well as a fund to support promising firms in association with the Ministry of SMEs and [...]

SEOUL, May 21 (Korea Bizwire) — South Korean companies are concerned over possible collateral damage as the U.S. government is putting heavy pressure on Huawei Technologies Co., a Chinese electronics manufacturer. While South Korean IT firms are not expecting any immediate impact, they are keeping a close watch on the trade war between the U.S. [...]

SEOUL, May 21 (Korea Bizwire) – Energy-to-telecom conglomerate SK Group on Tuesday unveiled a system to measure the social value created by its affiliates, emphasizing its new business philosophy to share benefits with society. Social value refers to the achievements of a company in resolving various social issues, such as pollution and jobs, through its [...]

SEOUL, May 21 (Korea Bizwire) — The number of South Korean companies raising or processing insects for foodstuffs, pets and other purposes grew threefold in 2018 from three years earlier, data showed Tuesday. According to the data compiled by the Ministry of Agriculture, Food and Rural Affairs, the number of insect companies in the country [...]

SEOUL, May 21 (Korea Bizwire) — The U.S. Commerce Department has decided to further lower its tariff on cold-rolled steel products by South Korea’s top steelmaker POSCO, industry sources said Tuesday. According to the sources, the U.S. government recently decided to impose a 3.23 percent tariff on cold-rolled steel sheets produced by POSCO, down from [...]

SEOUL, May 20 (Korea Bizwire) — Following the enactment of a new provision that enables value appreciation of chattel mortgages, for items such as factory machinery, when Internet of Things (IoT) systems are in place to manage them, South Korean banks are offering various IoT-based mortgage loan products and services. The Korea Federation of Banks [...]

SEOUL, May 20 (Korea Bizwire) — Hanwha Total Petrochemical is under investigation for its delayed report of a massive oil mist leak at its chemical factory in Seosan, South Chungcheong Province, last week, provincial officials said Monday. The oil mist leak occurred at the company’s Daesan petrochemical complex in Seosan, 150 kilometers south of Seoul, [...]

SEOUL, May 20 (Korea Bizwire) — Kakaopay Corp. said Monday that it will expand its offline payment business to solidify its status as South Korea’s leading fintech service platform provider. Kakaopay said it plans to launch its own application within this year so that more users can use credit cards through the one-click payment system [...]

SEOUL, May 20 (Korea Bizwire) — As the ‘war on botox strains’ is escalating between Medytox Inc. and Daewoong Pharmaceutical Co., the tension between the two companies is becoming worse day by day. Medytox has filed a complaint with the U.S. International Trade Commission (USITC), accusing Daewoong of stealing the company’s botox strains. Daewoong has [...]

SEOUL, May 20 (Korea Bizwire) — The landscape of the tourism industry has changed since the Terminal High Altitude Area Defense (THAAD) missile crisis in 2017 that put a damper on Chinese tourist visits to South Korea. According to the Korea Tourism Organization on Saturday, China still remains at the top of last year’s 15.35 [...]